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Shiba Inu Price Analysis: SHIB breaks support at $0.000045, retests upside before continuing lower?

Shiba Inu Price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • SHIB/USD broke below $0.000045 support.
  • Lower high currently established.

Shiba Inu price analysis is bearish today as we expect another lower high to be set during the current upsurge. Likely SHIB/USD will reverse over the next 24 hours, leading to the further downside as bears are still in control.

Shiba Inu Price Analysis: SHIB breaks support at $0.000045, retests upside before continuing lower? 1
Cryptocurrency heat map. Source: Coin360

The overall market has started to recover over the last 24 hours, with bullish momentum returning today. The market leader, Bitcoin, has lost 1.97 percent, while Ethereum has gained 1.6 percent. Meanwhile, Loopring (LRC) is the top performer, with a gain of over 22 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu sets lower low, recovers to test previous highs

SHIB/USD traded in a range of $0.00004078 – $0.00004779, indicating strong volatility over the last 24 hours. Trading volume has increased by 89.58 percent, totaling $4.2 billion, while the total market cap trades around $26.17 billion, ranking the coin in 11th place overall.

SHIB/USD 4-hour chart: SHIB retraces back above $0.000045

On the 4-hour chart, we can see Shiba Inu price recovering so fat today as another lower high needs to be set before further upside can be reached.

Shiba Inu Price Analysis: SHIB breaks support at $0.000045, retests upside before continuing lower?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price has seen bearish momentum continue so far in November. The $0.000045 support prevented further downside several times over the past weeks while further lower highs were set.

The $0.000045 support finally got broken yesterday, with a new low set at $0.0000405. From there, SHIB/USD started to recover overnight, eventually returning above previous support.

However, considering the overall market structure, we will likely see another lower high set over the next hours. From there, we expect the Shiba Inu price action to reverse and look to test further downside over the weekend.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bearish today as we expect further drop after the current upsurge likely ends with another lower high set. Therefore, SHIB/USD should see further downside over the next 24 hours along with the overall several-week bearish trend.

While waiting for SHIB to move further, see our guides on the Best crypto exchange, how to mine Shiba Inu Classic, and Cardano vs Shiba Inu.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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